Fernando and Eduardo Belmont, the two warring brothers behind fast-growing Peruvian cosmetic companies Yanbal International and Belcorp, have tapped into unceasing demand for beauty and skin-care production in Latin America. The success of their private yet competing companies is huge, pushing both brothers into billionaire territory. Fernando Belmont is worth $2.2 billion while Eduardo Belmont clocks in at $6.1 billion, Forbes estimates, based on information from company insiders.

Belcorp and Yanbal sell a range of beauty products using the Avon-style door-to-door model in over a dozen Latin American markets. In 2011, Belcorp had revenues of at least $2 billion while Yanbal pulled in an estimated $720 million. Both companies compete with Brazil-based Natura, which uses the same business model and is publicly traded, sells in multiple Latin American countries, and has turned two of its owners into billionaires as well --Antonio Luiz Seabra and Guilherme Peirao Leal.

Belcorp and Yanbal both declined to comment for this story or to provide any details on Fernando's or Eduardo’s stakes or background. However, at least two insiders told Forbes the brothers own at least 95% of each company’s shares.

According to a July 2012 interview in the Peruvian newspaper El Comercio, Fernando is 69 years old and married with at least one child, Janine Belmont, who now runs Yanbal. Fernando lives in Lima, reportedly attended university in the U.S. and plays golf. Eduardo, whose age was not disclosed, is married with three children. He is also reported to have attended university in the U.S. and now lives in Lima.

Parting Ways

Eduardo and Fernando Belmont Anderson founded direct-sales beauty firm Yanbal in 1967 but after a major row regarding its future strategy, they split ways in 1988, each forming his own enterprise.

Eduardo created Belcorp, while Fernando took control of Yanbal and renamed it Yanbal International. Since then, the two men (and their families) have hardly communicated with each other, according to several sources familiar with their affairs.

Belcorp has gained the upper hand with estimated revenues of at least $2 billion last year and a presence in 16 countries. Yanbal remains much smaller, chalking up sales of $720 million in 2011 and operating in nine countries

Despite this, both companies have ambitious growth plans. According to Yanbal’s corporate financial director Juan Carlos Rodriguez, the firm is working to more than double its sales to $2 billion by 2017 -- in part fueled by an ambitious European expansion -- to become one of the world’s top 10 direct cosmetic sellers. Press-shy Belcorp would not provide growth projections but an insider said it has an ambitious strategy to keep its lead over Yanbal.

Whatever both companies do, the two brothers’ broken relationship is unlikely to heal.

"Their dislike and competition runs very deep," said a source close to Belcorp.

According to the source, during Peruvian Chamber of Commerce or other business meetings in which both men have been called to participate, they always send non-family executives to represent them. The source added the brothers’ dislike spreads to other family members with their “children and grandchildren not talking to each other.”